Pet Tech Market to Hit Sales of $17.57 Billion by 2028 | RFID Chips Generates 30% Market Revenue

Global pet tech market was valued at $5.2 billion in 2021, and it is expected to attain a value of $17.57 billion by 2028, with a CAGR of 19% over the projection period (2022–2028).

Westford, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The demand for smart devices for pets is on the rise, as people look to enhance their companions' lives by providing them with devices that can relay information like location, temperature, and pet activity. According to SkyQuest’s recent study on global pet tech market, over 52% of American adults own a smart device for their pet. In Europe, the figure is even higher at 67%. This increasing demand is likely due to several factors.

First, there is a growing trend of people adopting pets who are older or have special needs, which creates an opening for devices that can improve the quality of life for these animals. Additionally, there is growing awareness that pets belonging to well-mannered households have a decreased risk of developing chronic health conditions and many other problems in the global pet tech market. Accordingly, it makes sense that pet owners would seek out technology that can help monitor their animal's behavior and health in order to protect them both.

As technology advances, more and more devices are being developed specifically for pets. Here are some of the most popular devices:

  • A smart collar that responds to voice commands and track pet's location.
  • A smart band that monitors vital signs and sends alerts if something is wrong.
  • A smart toy that dispenses treats when pet plays with it.

The popularity of these devices in the pet tech market is due in part to the increasing trend of keeping pets indoors. These devices allow pet owners to keep track of their animals without having to be present in person all the time. They also provide peace of mind in case something happens to the pet such as being lost or escaping.

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This increasing demand for smart devices for pets has led to the development of a number of different applications that can be used to manage and monitor their behavior. These applications can be found on both Android and iOS platforms, as well as on a number of different devices such as tablets, smartphones, wearables and home security systems.

SkyQuest has published a report on the global pet tech market. The report covers various aspects of the pet tech industry, including market trends, opportunities, and challenges. his report will help readers to understand the current landscape and identify opportunities in the market. It is an essential read for anyone involved in or considering entering the pet tech industry.

SkyQuest Says, 83% Pet Owners in North America and Europe Own at Least One Pet Tech Devices

As per SkyQuest analysis, globally more than 1012 million dogs and cats were present in 2021. Wherein, pet dog population was over 565 million. 

Since most people own at least one pet across Europe and North America pet tech market, it is no surprise that pet tech is a popular topic for both consumers and businesses. In fact, according to a recent study by SkyQuest, 71% of American households own at least one type of pet, with dogs (48%) and cats (43%) leading the pack. Although there are many different types of pet tech products on the pet tech market, the survey found that 95% of pet owners use technology to keep their pets entertained and engaged. This includes 86% who use technology to monitor their pets' activity and 85% who use technology to provide food and water. Additionally, 83% of pet owners use technology to connect with their pets in some way, such as through messaging or social media.

Technology has also been used to improve relationships with their pets. For example, 83% of owners use mobile apps to keep track of their pets' whereabouts and 74% use mobile apps to play games with their pets. In addition, 68% of owners use mobile apps to provide medical alerts for their pets in case of an emergency.

When asked about the most popular kinds of technologies used to care for their pets, 73% reported using an app or software to monitor their pet's health, followed by 68% who reported using a wearable device such as a collar or bracelet to track whereabouts and activity. Notably, two thirds of survey respondents said they plan to use more such technologies in the future.

Interestingly, when asked about the biggest challenges they face when caring for their pets in the global pet tech market, the top three responses were dealing with emergencies (24%), training or teaching their pet new behaviors (22%), and managing costs (21%). Overall, it seems that technology can play an important role in assisting pet owners with managing their lives and responsibilities around their pets.

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RFID Generate Over 30% Revenue of Pet Tech Market

As the world becomes more and more electrified, so too does the pet industry. Pets now have tags implanted in their skin that allow their owners to track their animals wherever they go. RFID chips are becoming increasingly popular for this same purpose, as they allow for a high level of security and tracking.

RFID chips are becoming increasingly popular for pets in the global pet tech market as they provide a way to keep track of animals without the need for traditional collars and tags. The chips can be embedded either in the pet's fur or inside their body, and once scanned the chip will store unique information about the animal such as their name, weight, and location. RFID chips are relatively cheap to buy and maintain and there is a high demand for them from pet owners, who see them as a way to improve animal welfare.

The high demand for RFID chips in the global pet tech market is due in part to the fact that they're small and lightweight, which makes them less invasive than traditional tags. They're also faster and easier to read than traditional radio frequency identification tags, which mean that they can be more quickly scanned. Additionally, RFID chips are less likely to become lost or damaged over time, which makes them a more reliable option for tracking large animals like horses.

SkyQuest has published a report on the global pet tech market. The report covers different segments of the market and provides an overview of the revenue generated by each segment. It also highlights the key players in the market and their respective revenue contributions. The report provides valuable insights into the current state of the pet tech market and is a valuable resource for companies operating in this space.

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Major Players in Global Pet Tech Market

  • Avid Identification Systems, Inc. (US)
  • Allflex USA Inc. (US)
  • Datamars (Switzerland)
  • FitBark (US)
  • Garmin Ltd. (US)
  • Invisible Fence (US)
  • Link AKC (US)
  • Loc8tor Ltd. (UK)
  • PetPace LLC (US)
  • Whistle Labs, Inc. (US)
  • Voyce (US)

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